Thailand's imports of petroleum products from Vietnam have increased nearly 16 times.

Thailand's imports of petroleum products from Vietnam have increased sixteenfold.

In terms of markets, Cambodia was Vietnam's largest customer for petroleum products in the first six months of the year, with over 222,000 tons, worth more than $183 million, a decrease of 29% in volume and 31.1% in value compared to the same period last year.

Coming in second is the South Korean market with over 132,000 tons of petroleum products, equivalent to over $120 million, representing a 39% increase in volume and a 33% increase in value.

China is Vietnam's third largest customer for petroleum products, accounting for over 10% of our country's total export volume. In the first six months of the year, Vietnam exported over 116,000 tons to its neighbor, generating over $108 million in revenue, representing a 36% increase in volume and a 35% increase in value compared to the same period in 2023.

Notably, Thailand is becoming the strongest market for Vietnamese petroleum imports in the first half of the year. Specifically, this market imported 6,741 tons of petroleum from Vietnam in the first half of 2024, compared to only 402 tons in the same period of the previous year, representing an increase of 1,576% (almost 16 times) year-on-year. The export value reached over 6 million USD, an increase of 1,379% (almost 14 times) year-on-year.

Despite being the market experiencing the strongest growth, Thailand accounts for only a very small share, less than 1%, of Vietnam's total exports to all markets.

Vietnam currently has two oil refineries, Dung Quat and Nghi Son, supplying 10-13 million ^cubic meters (1/4 tons) of refined gasoline and diesel products annually. These two refineries currently supply about 70% of domestic gasoline and diesel consumption, with Nghi Son's supply accounting for approximately 35%, and at times reaching 40%.

According to data from the Ministry of Industry and Trade , in 2024, the total minimum supply of petroleum products allocated by the Ministry to the 36 petroleum trading companies was 28,437,856 ^m³ /tons of various petroleum products.

According to reports from the two refineries and the General Department of Customs, the total production and import of petroleum products in the first six months of 2024 reached 12.41 million tons, equivalent to approximately 15.2 million ^cubic meters of various types of petroleum products. Of this, imports accounted for 44.5%, and domestic production accounted for 55.5%.